Limited Liability Partnership (LLP) was launched in India by way of the Limited Liability Partnership Act, 2008. The main edge of a LLP is one partner is not liable for another partner’s misconduct or negligence. LLP is favored by Professionals, Micro and Small businesses that are family-owned or closely-held
It offers the benefit of limited liability to its owners and at the same time needs minimal maintenance. An LLP gives limited liability protection for the owners from the debts of the LLP. Accordingly, all partners in an LLP enjoy a kind of limited liability protection for every individual’s protection within the partnership, related to that of the shareholders of a private limited company.
Process of LLP Registration
Key points to be considered while incorporating LLP: -
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